Everything there is to know about Tenner
Who is eligible to take part in the Tenner Challenge?
Any young person aged 11 - 19 years.
Please note that all participants will need an organisation to register them and act as a guarantor.
How long will my students have to make a profit with the money they are pledged?
The participants are challenged to make as much profit and social impact as possible through their enterprising activities for 4 weeks from Monday 19 February to Friday16 March 2018.
When does the Challenge run?
From Monday 19 February - Friday 16 March 2018
Do my students need to keep track of what they are doing with their tenner?
Yes please! Everything is online, students can record their progress throughout the Challenge in their online logbooks.
How will you judge the national competition entries?
The entries will be divided into 2 different age groups: 11-14 yrs and 15-19 yrs.
For each age group there will be 4 different awards: Most Profitable Business Idea; Most Inspiring Individual; Best Group; Greatest Community Impact.
Entries will be divided into the different age brackets and then short listed by an internal Young Enterprise panel. The final entries will be given to an external panel of judges to decide on the winners for each category.
Are there any other competitions throughout the month?
Yes! There will be weekly competitions to keep participants motivated. Winning weekly entry will receive £50 in Amazon vouchers
The weekly competitions will take place on 23 February, 02, 09, 16 March 2018.
They will involve uploading the logbook entries to the website and will be judged by external judges. Winners will be announced the following week and winning entries will be available to view in Media Library.
Entries can be photos, documents or video clips. It is essential for us to have photo/video permission. If you do not already have this for those taking part through your own organisation, you will have to complete and send the Tenner Challenge permission forms before any images can be uploaded.
How can I keep track of my students’ work?
Once you have registered, you will be emailed login details to your dedicated login area. Participants will be able to register their teams and also set up a dedicated login area, where they will keep a record of their activity over the Challenge month.
As the main administrator for your organisation, you will be able to access Tenner resources to help you plan and run the challenge plus view all of your team records within your login area. If students wish to enter a competition, they will submit their entry via their area and you will have to authorise the submission. This ensures you are aware of what your students are entering and can check work if desired.
What are the key dates for the Tenner Challenge?
13 November 2017 - Registration opens
19 February - 16 March 2017 - Tenner Challenge takes place
23 February, 02, 09, 16 March 2018 - Weekly Competitions
23 March 2018 - National Competition entry deadline
April 2018 - Winners invited to awards
May 2018 - Awards Ceremony
How do students claim their tenners?
Once you have registered (at www.tenner.org.uk), you will be sent a payment form which asks you for your organisations details. You need to complete this and return it by email or post as soon as possible.
Funds will be transferred across to you by 19 February 2018. We will send confirmation of the transfer so you can ensure the funds are in your organisation's account.
You will be responsible for distribution of the funds to the participants and all supervision of the activities in relation to the Challenge. You must not distribute any funds prior to 19 February 2018.
What if my students cannot repay the tenners?
The participants should return the original £10 on completion of the Challenge, or in the event that the participant does not make a profit, they should return at least £6.
If the participants make a profit they may donate a further £1 per £10 pledged (Legacy Donation) to sustain the Tenner Challenge Bank.
The organisation will be responsible for collecting the pledge and the legacy donation from the participants on completion of the Challenge. For further information view the full Terms and Conditions here.
We suggest that parents/guardians might be invited to sign an agreement letter to act as guarantors, so that organisations can decide on how to recover any potential losses. If the pledge is not repaid in full, the organisation may not be able to enter the final competition or take part in the Tenner Challenge in the future.
How much time will the Challenge take?
This is completely up to you! Your input is encouraged to support your teams Tenner journey.
In past years, schools have dedicated whole lessons to the project, during tutor periods or held lunchtime/after school Tenner sessions. In other cases, participants have been encouraged to run their business outside of school.
The more time the participants can give to the Challenge, the more success they will have!
There are a number of resources available (in the login area of the Tenner Challenge website) to organistaions for planning the Challenge including how to start, creating business plans and budgetting.
How many tenners can we have?
We will pledge the organisation £10 per business up to a limit of £500 (50 tenners) Additional funds required? Remember, funding does not have to be £10 per pupil, it is per business so could be per pair, team, or class. Or can your organisation self fund the remaining amount? The same rules on returning the Tenner will apply so you should receive back this funding back within the month.
How is learning supported through the challenge?
All resorces will be available for organisations in their unique login area (which you will be given access to once you have confirmed you will be particpating) to help you support the young people taking part. The resources include getting started guidance, planning and important documents for use throughout the challenge.
What do young people do with the profits made with the tenners?
Any profit made is for the young people to decide to spend or donate as they wish.
If the students make a profit we ask that they donate a £1 per £10 pledged (Legacy Donation) to sustain the Tenner bank.
We also encourage donations to be given to charity or profits invested in to local communities, so that teams have a local community impact. In previous years a high percentage of teams donated their profits to local and national charities.
Will there be an awards ceremony?
There will be an awards ceremony for the national winners of the Competition. No cash alternative will be offered and the awards are not transferrable.
Who do I contact if I need further help?
Email email@example.com or phone 07966 048074
What social media do you use throughout the Challenge?
Follow us @tennerfiverye
Is there any business students cannot set up their tenner?
They are not allowed to carry out any business which involves gambling, fraud or illegal activities.
We suggest you review our Tenner insurance policy, as well as your own before agreeing to any activity.
What skills will the participants gain from taking part in Tenner?
I am not a school, but I am involved with a youth organisation, can we take part?
Yes! If you are a registered youth organisation and are able to act as a guarantor, we would love to have you involved. All of the same steps and rules apply however we cannot transfer Tenner funds to a personal bank account..
Do the participants work alone or in a group?
Either! There is an award for the ‘Most Inspiring Individual’ as well as the ‘Best Group’
Can we get any help to introduce Tenner to our students?
Young Enterprise can help kick start your Tenner Challenge by running a half day masterclass for your students. This cost is £300 for a typical class size. Please contact us for further information.
I want to run the Challenge at a time more convenient for my school, is this possible?
We are able to offer schools the opportunity to run the Challenge at alternative times throughout the academic year. There will be no competitions and the tenner funding would need to be provided by you.
If you would like to find out more about running Tenner outside of the main Challenge please email firstname.lastname@example.org
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